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Pharmaceutical Logistics Market: By Type (Cold Chain Logistics, Non-Cold Chain Logistics), By Component (Storage, Transportation, Monitoring Components), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
Pharmaceutical logistics comprises activities, such as warehousing, procurement, transport of the products, and inventory management while maintaining stability in the quality of medicine during the process of delivery and inventory management. It is unique as compared to other logistics since it must satisfy the requirements of clinics, hospitals, health facilities, and pharmacies that take into account storage conditions in addition to temperature and humidity control. Pharmaceutical logistics is highly challenging since the operator must ensure product safety (temperature control, traceability, protection from theft or counterfeiting, and sterility) in a global market where the industry produces at one location but distributes its goods, some of which have significant economic value, all over the world.
Pharmaceutical Logistics Market to surpass USD 163.4 billion by 2032 from USD 74.02 billion in 2021 at a CAGR of 7.5% in the coming years, i.e., 2022-32. Some of the key factors projected to drive demand for Pharmaceutical Logistics in the anticipated period include an increasing preference for biological medications in recent years and an increase in the number of businesses choosing to outsource. Manufacturers are shipping larger quantities of pharmaceutical products across long distances, which has a substantial impact on the global Pharmaceutical Logistics Market.
Pharmaceutical Logistics Market is categorized on the basis of Type into Cold Chain Logistics and Non-Cold Chain Logistics. In 2021, the Pharmaceutical Logistics Market was dominated by the cold chain logistics segment, which is projected to grow at a sizable CAGR in the future as well. The growth can be attributed to the increase in demand for products that must be kept at a specific temperature, such as the continued distribution of COVID-19 vaccinations, which need precise temperature-control logistics services to ensure the products' efficacy.
Pharmaceutical Logistics Market is categorized on the basis of Components into Storage, Transportation, and Monitoring Components. Owing to the growing demand to guarantee the integrity, effectiveness, and safety of cold chain items, the Monitoring Components segment is anticipated to see the greatest CAGR in the coming years. Over the projected period, the transportation segment is likely to experience significant growth.
The rising demand for Over-the-Counter (OTC) medicines, such as cold and flu remedies, dietary supplements, gastrointestinal medications, and dermatology products is expected to drive the growth of the Pharmaceutical Logistics Market. The market is also being driven by the escalating relevance of fast-track assistance in the healthcare industry. The demand for pharmaceutical logistics is also increased by the creation of a single source distribution channel that lowers the cost of distribution.
A lot of companies are engaging in mergers and acquisitions to increase their geographic reach and access to intellectual information. Moreover, they want to lower the total cost of packaging their goods. The dangers of product adulteration during shipping and non-compliance with federal regulations, standards, and recommendations are especially high for the biotechnology and pharmaceutical supply chains. The Pharmaceutical Logistics Market is expanding on the back of the participants' active investment in cutting-edge technologies like telematics and remote monitoring to provide safety and convenience during transportation operations.
Players in the Pharmaceutical Logistics Market need to make additional investments to bring the space and its specifications up to the level required by the pharmaceutical industry, which supports their operations. As expected, the standards created by the decision-makers put pressure on developers. It is difficult to upgrade the facility to accommodate automated equipment or maintain temperature compliance. A significant financial commitment is required to train and educate the workforce in technology and product handling. Therefore, it is projected that a lack of uniformity in pharmaceutical logistics will impede industry growth.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Pharmaceutical Logistics Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Europe held a considerable market share in 2021 and is anticipated to rise significantly during the next five years. The significant growth in the trade of pharmaceutical items among important European nations is the key reason of the higher market share of the region.
Due to the booming economies of emerging nations like India and China, the Asia-Pacific area is predicted to grow at the quickest rate. The Asia Pacific market for pharmaceutical logistics is anticipated to grow due to the high demand for OTC medications among a sizable population. Moreover, the pharmaceutical sector is moving its production and sales facilities across the globe. The Pharmaceutical Logistics Market is being driven by the market's participants' discovery of profitable opportunities in Asia and South America's developing nations.
The rapid growth of Pharmaceutical Logistics is greatly influenced by the short-term effects of the COVID-19 pandemic on the Pharmaceutical Logistics Market. Governments all over the world focused on providing people with access to healthcare facilities and a sufficient supply of medications during the pandemic. As a result, there is a rise in the trade of traditional medications across nations.
REPORT ATTRIBUTE |
DETAILS |
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Market Size Value in 2021 |
USD 74.02 billion |
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Revenue Forecast in 2032 |
USD 163.4 billion |
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Growth Rate |
CAGR of 7.5% from 2022 to 2032 |
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Base Year for Estimation |
2021 |
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Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
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Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments Covered |
Type, Component, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Key Companies Profiled |
Deutsche Post AG, FedEx, United Parcel Service of America Inc., DHL Supply Chain, CEVA Logistics, Kuehne + Nagel, DB Schenker, Kerry Logistics, Air Canada, Agility, VersaCold Logistics Services, Marken, Yusen Logistics, Keppel Logistics, LifeConEx, and Other Prominent Players. |
The Pharmaceutical Logistics Market size was estimated at USD 74.02 billion in 2021 and is expected to reach USD 163.4 billion in 2032.
Pharmaceutical logistics comprises activities, such as warehousing, procurement, transport of the products, and inventory management while maintaining stability in the quality of medicine during the process of delivery and inventory management.
The Cold Chain Logistics and Monitoring Components segments accounted for the larger share of the Pharmaceutical Logistics Market.
Key players in the Pharmaceutical Logistics Market are Deutsche Post AG, FedEx, United Parcel Service of America Inc., DHL Supply Chain, CEVA Logistics, Kuehne + Nagel, DB Schenker, Kerry Logistics, Air Canada, Agility, VersaCold Logistics Services, Marken, Yusen Logistics, Keppel Logistics, LifeConEx, and Other Prominent Players.
The major drivers of the Pharmaceutical Logistics Market are an increasing preference for biological medications in recent years and an increase in the number of businesses choosing to outsource.
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